Time Inc. Looks to Sell Majority Stake in Essence

By Jeffrey A. Trachtenberg

Time Inc. is looking to sell a majority stake in Essence, the monthly African-American women’s lifestyle publication focused on entertainment, fashion and beauty, the first big move by the publisher since it decided against selling the entire company this spring.

“We want to unlock the value here,” said Rich Battista, Time Inc.’s chief executive, in an interview. “We think the best way to do that is to bring in a strategic partner with investment capital. We’re keeping an interest because we see real upside.”

Mr. Battista said he hopes to complete a transaction by the end of the year.

Time Inc., which is struggling with declining print advertising revenue like much of the publishing industry, ended discussions with potential buyers in late April.

The media company said at the time it intended to focus on its core brands, among them People, InStyle and Real Simple, and TIME. Time Inc. also said it would look to outright sell some of its noncore assets.

Mr. Battista said he viewed Essence as core despite the decision to look for a majority investor.

Write to Jeffrey A. Trachtenberg at jeffrey.trachtenberg@wsj.com

Breaking the story

Jeffrey A. Trachtenberg was first to report Time Inc. is looking to sell a majority stake in Essence Magazine, deciding against selling the entire company. The transaction is expected to be completed at the end of the year.

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